New bill coming on resolution authority: Rep Frank

WASHINGTON (Reuters) - The Obama administration will release a new draft bill this week or next on "resolution authority," or empowering the government to deal with large, failing financial firms, the chairman of a key U.S. congressional committee said on Tuesday.

"My understanding is they will be releasing a new draft later this week or early next week and we will have a hearing on that on Thursday of next week," said Representative Barney Frank, a Democrat, at the outset of a committee working session on a separate financial regulation reform bill.

Frank said his committee will complete work on the administration's proposed bill to create a Consumer Financial Protection Agency, or CFPA, "probably tomorrow."

He said the committee next week will take up legislation in a working session, or markup, on credit-rating agencies, establishing a National Insurance Office in the Treasury Department, and mandating federal registration of hedge funds and other private pools of capital.

"That markup will be a week from today," Frank said (Reporting by Kevin Drawbaugh)

(Editing by Theodore d'Afflisio)